Dangote Refinery Releases Financial Statements, Revenue Jumps 121% in H1 Ahead of IPO
- Dangote Petroleum Refinery more than doubled its revenue in the first half of 2026, reaching N19.13 trillion as production ramped up
- The refinery recorded $1.82 billion in net profit between January and June 2026, driven by higher sales volumes and better prices across key products
- Dangote Refinery plans to list on the Nigerian Exchange, offering 4.1 billion shares at N525 each in a bid to raise N2.15 trillion
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Dangote Petroleum Refinery recorded N19.13 trillion ($13.91 billion) in revenue for the first six months of 2026, more than doubling its earnings from the same period a year earlier, as it moves closer to a major share offering on the Nigerian Exchange.
The figure represents a 121.46% increase from the N8.638 trillion the refinery posted in the first half of 2025, according to financial data released ahead of its planned Initial Public Offering (IPO).
Source: Getty Images
Net profit for the period stood at $1.82 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) came in at $2.60 billion.
BusinessDay reports that Gross profit climbed to N3.432 trillion from N225.195 billion in the corresponding period of 2025.
What Drove the Revenue Surge
The strong performance followed the refinery's transition to stable output across its processing units from March 2026. Performance testing reached up to 700,000 barrels per day in June, with higher sales volumes and improved product prices contributing significantly to the result.
Petrol (PMS) sales rose to about 6.06 million metric tonnes from 3.09 million tonnes in the first half of 2025, with the average realised price climbing to $975 per tonne from $723.
Diesel (AGO) volumes grew to 2.86 million tonnes from 1.76 million tonnes, at an average price of $1,225 per tonne compared to $688 previously.
Jet fuel sales reached 3.02 million tonnes, up from 2.06 million tonnes, with the average realised price rising to $1,092 per tonne from $663.
Financial breakdown
- Revenue: N19.13 trillion
- H1 2025 revenue: N8.638 trillion
- Revenue increase: N10.492 trillion
- Revenue growth: 121.46%
- Net profit: $1.82 billion
- EBITDA: $2.60 billion
- Gross profit: N3.432 trillion
- H1 2025 gross profit: N225.195 billion
- Gross profit increase: N3.207 trillion
Dangote Refinery's IPO Plans
The refinery is seeking to raise N2.152 trillion by offering 4.1 billion ordinary shares at N525 each. The offer window runs from September 14 to October 13, 2026.
After estimated offer expenses of N41.49 billion, net proceeds of about N2.11 trillion will go towards expansion-related capital expenditure.
Source: Getty Images
On the ownership side, Dangote Oil Refining Company Limited holds 65.83% of the refinery, while Dangote Industries Limited owns 14.904%.
The Nigerian National Petroleum Company Limited holds 6.815%, Greenview International Corporation owns 6.496%, and other shareholders account for 5.95%. The refinery is targeting an overall valuation of between $40 billion and $50 billion.
Steps to buy shares from September 14 with N5,250
Earlier, Legit.ng reported that the Securities and Exchange Commission approved the Dangote Petroleum Refinery and Petrochemicals FZE initial public offering, allowing eligible investors to participate in the offer.
The regulator approved the offer of 4.1 billion ordinary shares at N525 each, which could raise about N2.15 trillion if fully subscribed.
The SEC also registered the refinery’s existing 120.13 billion ordinary shares.
Source: Legit.ng
